What is the differenceblw edd and cds

Question

Accepted Answer

EDD stands for Enhanced Due Diligence while CDD stands for Customer Due Diligence. EDD is a more thorough investigation process compared to CDD.

EDD (Enhanced Due Diligence) is a more detailed and comprehensive investigation process compared to CDD (Customer Due Diligence).
EDD is typically conducted for high-risk customers or transactions that require a higher level of scrutiny.
CDD is a standard process of verifying the identity of customers and assessing the risks associated with them.
Both EDD and CDD are important components of the KYC (Know Your Customer) process in financial institutions.
Example: Conducting EDD on a politically exposed person (PEP) would involve more in-depth research and analysis compared to a regular customer undergoing CDD.

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